报告显示，2025年上半年，境内战略投资者并购活动显著增强，交易额规模突破千亿美元大关，同比增 长逾一倍。期间共达成20宗超大型并购交易（单宗交易金额超过10亿美元），远超去年同期。从行业分 布看，高科技尤其是半导体、大健康和工业领域成为超大型并购的主要赛道。 普华永道中国交易服务部市场主管合伙人吴可表示，境内战略投资者并购的持续升温，是多重积极因素 共同作用的结果。"特别是2025年初DeepSeek AI的推出，不仅为高科技行业注入了新的活力，也带动了 整体经济环境的积极变化。同时，一些核心行业A股上市国企的价值链整合，也进一步推动了并购市场 的活跃度。" 来源：中国经济网 普华永道8月25日发布的《2025年中国企业并购市场年中回顾及展望》显示，2025年上半年中国企业并 购市场披露交易总额超过1700亿美元，较去年同期大幅增长45%；同期交易数量延续稳步回升态势。 在财务投资者方面，风险投资仍是一大亮点，受人工智能、机器人技术等新兴科技领域投资热点的推 动，其交易量持续增长，并维持在长期历史高位。与此同时，私募股权基金的退出活动也表现强劲。报 告指出，并购交易成为私募股权基金最主要的退出方式，占比最高 ...

Group 1: Investment Logic of PE Funds - Traditional pre-IPO investment logic involves selecting suitable industries and companies, entering at reasonable prices, and waiting for growth and exit to gain returns [1] - The core sources of returns in traditional PE investments are growth potential and listing arbitrage, primarily driven by earnings growth and PE multiple expansion [1][3] - The success of some PE funds in the past was due to accurate industry and company selection, as well as a deep understanding of listing requirements [3] Group 2: Challenges in the PE Industry - Despite the past success, overall returns for PE funds remain unclear, with few funds publicly disclosing complete earnings [4] - The traditional PE model is increasingly challenged by a slowdown in China's economic growth, leading to a decline in the scarcity of listed companies and lower PE multiples [5] - The investment judgment capabilities of traditional PE personnel are often inadequate, making it difficult to identify viable investment opportunities [5][6] Group 3: Fundraising Issues - A portion of limited partners (LPs) have recognized the lack of profitability in PE investments, leading to reduced funding and increased caution among new investors [7] - The core issue for traditional PE investors is their reliance on investment capabilities, which have diminished as the market has evolved [7][8] Group 4: M&A Market and PE Funds - Traditional PE institutions have attempted to enter the M&A market but have faced challenges due to insufficient investment capabilities [9] - Some PE firms have tried to control listed companies for acquisitions, but many have failed due to a lack of operational expertise [9][10] Group 5: Future of PE Funds - The future of PE funds may involve a shift towards industry integration and stable asset management, focusing on effective asset consolidation rather than growth [19][21] - The investment landscape is expected to evolve, with a focus on high-tech and innovative sectors, while traditional PE funds may decline in relevance [21][23]

2025.06. 05 本文字数：1361，阅读时长大约3分钟 6月5日， 证监会首席律师程合红在2025天津五大道金融论坛上发表主旨演讲时表示，证监会将完 整准确全面贯彻新发展理念，深化资本市场科技金融体制机制改革，充分发挥多层次资本市场功能作 用，不断推动科技创新和产业创新深度融合，切实加强对投资者特别是中小投资者合法权益的保护， 更大力度支持服务科技创新和新质生产力发展。 更大力度支持服务科技创新和新质生产力发展 据中证金牛座， 程合红表示， 证监会将完整准确全面贯彻新发展理念，深化资本市场科技金融体制 机制改革，充分发挥多层次资本市场功能作用，不断推动科技创新和产业创新深度融合，切实加强对 投资者特别是中小投资者合法权益的保护，更大力度支持服务科技创新和新质生产力发展。 微信编辑 | 雨林 推荐阅读 马斯克，发文告别 程合红表示，切实做好投资者保护。广大投资者的信任、参与，是资本市场支持服务科技创新的基 础。要坚持对科创企业的融资服务和对投资者合法权益的保护同部署、同安排、同落实，加强科创企 业有关科技创新属性与投资风险的信息披露，完善相应的投资者适当性制度机制。积极引导支持企业 发行人及其控股股东、 ...